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Citi India said the government's decision to reduce withholding tax to 5% is a driver for increased issuance activity in the $ bond markets by Indian corporates.
NTPCBSE was the first to take advantage of this move and received a very positive response. The issue was oversubscribed by over 8 times, 4.75% coupon for 10 years. "This certainly sets the right tone for other Indian corporat to follow," Rajiv Nayar, head of capital markets origination at Citi India said.
"This transaction marks the first USD bond issuance from an Indian public sector corporate in 2012, which was well oversubscribed, demonstrating the strength of the underlying credit and the strong management team at NTPC," he said
""Citi has led all US dollar bond offerings by Indian issuers in 2012. This marks our 2nd consecutive USD bond offering for NTPC, reiterating the strength of our relationship with leading corporates like NTPC,"" Nayar said.
NTPC has raised $500million through issue of medium term note in the international markets on September 24 2012 taking advantage of the government's guidelines for lower withholding tax on external commercial borrowings issued on September 21.
This is the third offering under the company's $2 billion MTN programme since it was set up in 2006, taking the cumulative amount raised under the programme to $1.3 billion.
Citigroup was joint bopok runner for the issue along with Barclays Capital, Deutsche Bank and The Royal Bank of Scotland.
Source: EconomicTimes
NTPCBSE was the first to take advantage of this move and received a very positive response. The issue was oversubscribed by over 8 times, 4.75% coupon for 10 years. "This certainly sets the right tone for other Indian corporat to follow," Rajiv Nayar, head of capital markets origination at Citi India said.
"This transaction marks the first USD bond issuance from an Indian public sector corporate in 2012, which was well oversubscribed, demonstrating the strength of the underlying credit and the strong management team at NTPC," he said
""Citi has led all US dollar bond offerings by Indian issuers in 2012. This marks our 2nd consecutive USD bond offering for NTPC, reiterating the strength of our relationship with leading corporates like NTPC,"" Nayar said.
NTPC has raised $500million through issue of medium term note in the international markets on September 24 2012 taking advantage of the government's guidelines for lower withholding tax on external commercial borrowings issued on September 21.
This is the third offering under the company's $2 billion MTN programme since it was set up in 2006, taking the cumulative amount raised under the programme to $1.3 billion.
Citigroup was joint bopok runner for the issue along with Barclays Capital, Deutsche Bank and The Royal Bank of Scotland.
Source: EconomicTimes
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